The 27-nation bloc's finance ministers today struck a deal on the new rules after an increasingly isolated France—which had angled for tougher rules and giving individual countries the right to shut out foreign funds—capitulated to British demands for far more industry-friendly terms. France last month announced it would oppose the so-called "passport" provision for third-country funds, which would give those that meet the tougher new European standards the right to operate across the EU.

Mikhail Malyshev, the former Citadel Investment Group executive whose launch of a high-frequency trading firm led to a lawsuit from his former employers, has paid $1.1 million in sanctions for destroying evidence in the case.

Fund of hedge funds shop Pacific Alternative Asset Management is denying that it has done anything to intentionally "mislead" investors about its status as a rare woman-owned alternative investments firms.

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Forecasting markets has always been fraught with danger for analysts and traders alike. MODERN TRADER has dedicated issues detailing the pitfalls of following so-called markets gurus. Too often these market experts are allowed to flaunt their winning forecasts and let their losers fade into the background.